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EURUSD Elliot Waves Analysis For 22 August 2016

22 August 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a bearish bias.Euro gapped down into our objective demand zone 1.1267-1.1276, unless there is a clear breakout below this zone, we expect a possible rebound from this zone to go long with an ideal target at 1.1312 or even higher. A clear breakout below 1.1267 will push the price further to the lower side but should not go beyond 1.1155. This pair should be traded alongside GBP/USD, AUD/USD, NZD/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:
Unless there is a clear breakout below 1.1267, expect a possible rebound from 1.1267 to go long with an ideal target at 1.1312. A breakout below 1.1267 will call for long positions with an ideal target at at 1.1222

Graham Osano
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